Zinc hedging, page-11

Don't know the history of Pasminco as I never followed it back then but Wikipedia says 'the adverse impact of a weak Australian dollar on its currency hedging position' was one of the reasons for its demise - another reason given was low commodity prices.
Yes you definitely have to be sure you can produce the metal you are hedging especially if the price increases.
I would have thought that Management at NCZ would now be sure of the amount of metal that they will produce from March next year enabling them to commence a sensible hedging program.
If a bank is going to finance their $100mil Bond to secure the rehabilitation liability to the Qld govt next year, then the bank will require a decent amount of hedging to secure their position.